View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Monthly Review
——-----—
Volume X X IX

DECEMBER 1, 1947

Number 12

Forest Resources in the Eighth Federal Reserve District
Dale
** fAv oritcJ* or#
o roJ/^cfto* cmf JMfMwayy o/ twr^ < M &y o^A^r
&M
amf M ftVM
M
fwali.
fAoj^ wAo Aav^ coo/tpra?^
w
dafa arf jfa^f
owJ /orMfry
^A vaWovj M*wtw.nfM.y w
^
fAf
Mtf/tMffd w ^Af
^Ac ^4tM ran
frM
ForM^ry
aytJ ^Af (/. J. F or^f
fA? JoM^Afrw ForMf
JfafMM a^
A*fw Or/MHJ, fA^ C^wh*aJ .Sfafaf For^yf
^fa&w
C<?/m*&*M, OAw, cwJ o^A^r
o? fA^
jy^rwc^. fw a&K(MW
^
^arw
< M ffMMy
Mf
/fOW ^A 3&0Vf-yM tP<f
^
W
wyawaftaHJ w w v^ry A^J^MJ *x ^MrwMAwp waf^riaJ.
* # *
The Eighth Federal Reserve District is gener­
ally considered agricultural, yet 43 per cent o f the
total land area in the district is covered with forest.
Basic and finished lumber industries, which in­
clude processing from logging to furniture manu­
facture, employed 93,000 people in the Eighth Fed­
eral Reserve District in 1940, representing 19 per
cent of total employment in manufacturing indus­
tries for that year. In certain areas, timbering and
related industries are of much greater importance.
For instance, in Arkansas nearly 37,000 people were
employed in basic and finished lumber industries
representing 63 per cent of total manufacturing
employment in that state. In addition, practically
every farmer in the district receives income in some
form from forests and forest products to supple­
ment the generally low level of farm income char­
acteristic o f this district.
Forests have generally been considered a virtu­
ally inexhaustible natural resource and, except on
the part of those intimately connected with phases
of forestry, little thought has been given to possible
deterioration and elimination. Virtually all of the



land area in the Eighth District was once covered
by trees. However, in early years, trees were
viewed as little more than obstacles in the path of
farmers who wished to bring virgin soil into culti­
vation. Thus, a vast amount of the original timber
was burned in order to plant crops. Later, remain­
ing tracts were exploited by destructive cutting.
The best trees were cut, leaving the poorer quality
trees on the land. In some instances, insufficient
growth of good saplings for adequate restocking
was left.
Today, practically no virgin timber remains in
the district. The remaining forest trees are largely
second growth. The war caused another round of
severe cuts of the best quality trees to provide the
tremendous amount of lumber needed for tempor­
ary housing, barracks, shipbuilding, new factory
buildings, warehouses and other emergency needs.
Now, the huge postwar demand for lumber is a
further drain on our declining timber supply.
An inventory and appraisal of our remaining
timber resources thus appears in order. W e need
to know more about the possibilities for future
growth and yield, and what these mean in terms of
present and prospective income, employment, and
industrial development in the district. This article
will be concerned with the basic timber resources
of the area; industrial phases will be discussed in
later articles.
This project is in keeping with the regional
research program of the Federal Reserve Bank of
St. Louis, as outlined in the February, 1947 issue of
this
The major objective of this program
is to point out possible ways and means to raise the
general level of prosperity of the district and yet
leave our resources for the next generation in the
best possible condition.

E X T E N T OF FO R E ST LAN D

A total of 54 million acres of land, representing
more than two-fifths of the total land area in the
Eighth Federal Reserve District, is covered with
forest.* The extent of forest land in each district
state portion varies from approximately three-fifths
of the total land area in Arkansas to less than onefifth of the district portion of Illinois. Only in
Indiana and Illinois does forest cover less than onethird of the total land area.
On the accompanying table, the proportion of
land in forest in the district portion of Eighth Dis­
trict states is compared to the percentage of forest
land in each entire state since certain data are not
available for the district proper. The Eighth Dis1 A wide variation exists as to quality and density of merchantable
timber on forest land and many acres classified as forest land have no
merchantable timber at this time.

Page 134



FOREST

Kentucky
I l li n o is

ACREAGE

IN

Forest
Land '
( Thousands
of Acres)
. 20.036
19,142
15.8S9
12,165
____11,857
3,445
3,396

------

T o t a l ________

E lG H T lf D IS T R IC T
L ^ d l^ t ^
59%
43
52
45
46
15
10

39
85.930 *
Data, Reappraisal Project.

S T A T E S IN 1945
District Portton
Percentage ot
Forest
Land Forested
Land
{Thousands
o f Acres)
59%
2 0 ,0 3 6 '
47
1 7,5 37 '
38
5,165*
36
2^502 '
35
5,015*
24
1,427 *
17
2,248 '

53.929
U .S . Forest

43

1946.
* State Departments of Forestry of respective states.
__.
* State Department of Forestry and American Forestry Assocta
<
Forestry Resources of Tennessee.
_
- _
_
* American Forestry Association, R . Brundage, Forest Kts°
Appraisal.
_
. _ t_
* Illinois Technical Forestry Association, A Plan for Forestry
Illinois.
.
* State Department* of Forestry and American Forestry Associj* *
tota! acreages were 1 per cent more than total of U .S. Forest &erv*

trict portions of Missouri, Indiana, and Illinois are
more densely forested than their areas outside the
district. In contrast, district portions of Kentucky,
Tennessee, and Mississippi are less densely fo r e s te d

than the portions of these states outside the district.
This difference between the proportion of land in
forest in the Eighth District sections of the various
states and the state areas outside the district should
be kept in mind in subsequent discussions involving
state totals.
Areas with the highest proportion of forest land
are in general the more hilly and mountainous parts
of Missouri and Arkansas. In 75 of the 362 district
counties, more than three-fifths of the land area is
covered with forest. Seventy of these 75 counties
are located in the Ozarks of Missouri and Arkansas
and the Ouachita and Piedmont regions of
Arkansas. In 14 of the counties, more than fourfifths of the area is forest land. The less densely
forested areas are found north of the Missouri
River in Missouri, in the entire states of Illinois
and Indiana, and along the delta land of Arkansas
and Mississippi.
The accompanying map points out clearly the
importance of good forest management practices to
Eighth District economic welfare. Many communi­
ties are located in counties having from 50 to 75
per cent of land area in forest. They should be
vitally concerned, therefore, with forests and forest
yields. If maximum prosperity is to be achieved,
the development and increasing productivity of
forests in such areas should have a high priority in
community development programs.

The type of forest ownership varies considerably
among the states in the district. Of the 20 million
acres of commercial forest land in Arkansas, less
than one-third is in farm woodlots, while over 90
per cent of the woodland in Illinois and Indiana is
in farm woodlots. More than half of all woodland
in Arkansas is owned by industrial and other non­
farm owners. Nonfarm owners also hold approxi­
mately half of all forest land in Missouri, Tennes­
see, Mississippi, and Kentucky. Thus, a forestry
improvement program in Indiana and Illinois
should be directed primarily to farm woodlot own­
ers. Forestry programs in other district states
must, in addition, be aimed at industrial and other
nonfarm owners. In this connection, forest under
private nonfarm, nonindustrial ownership may
present a particular problem, since a large portion
of this acreage is also nonresident owned. No esti­
mate is available as to the extent of such holdings,
but they are believed to be considerable. Fre­
quently, these forests either are left completely
alone with no cutting and stand improvement, or
destructive cutting on a contract basis is permitted
from time to time.

O W N E RSH tP
^

^

Of
EtGHTH

COM M ERCIAL
OtSTRtCT

F O R E ST S *

STATES

^

OWNERSHIP OF FOREST LAND
CMSTRtCT
STATES

About 91 per cent of the forest area in Eighth
District .states is under private ownership, being
about equally divided between farm and industrial
or other nonfarm owners. For the district as a
whole, therefore, the maintenance of present pro­
duction or increasing present yield of forests for the
immediate future depends almost entirely upon
what private owners do with their forest land. The
Federal Government, although holding only a small
share of district states' forest area in comparison
with private owners, owns 7 million acres of forest
land, or 8 per cent of the total. Its ownership
tends to be concentrated in large tracts and for
some counties practically all forest land is Fed­
erally owned. All but one-eighth of Federally
owned woodland is in national forests. The balance
of nonprivate woodland in the district, about 1 per
cent of the total, is under state, county, or munici­
pal ownership. Federal ownership is important in
Arkansas. Mississippi, and Tennessee. In Arkansas,
2.6 million acres, or 13 per cent of the total forest
acreage, is owned by the Federal Government. One
million acres are Federally owned in Mississippi
and Tennessee.



KENTUCKY

tNDtANA

tLUNOtS

0

20

40

60

Stote, county Of municipal
SS

Form woodtots
Indust rid ond other

Page 135

Industrial
forest
holdings
are increasing,
especially in the Mid-South states. Such holdings
are large so that good management by a few Arms
makes a substantia! contribution to timber produc­
tion. Considerable areas have been, and are being,
placed on a sustained yield basis by these commer­
cial Arms.
Size of Private Holding*—The bulk of privately
owned forest land consists of relatively small tracts.
In district states, 88 per cent o f the forest land is
held in tracts of less than 5,000 acres, varying from
79 per cent of the forest land in Arkansas to 100
per cent in Indiana and Illinois. Tracts larger than
50,000 acres are important only in Arkansas, Mis­
sissippi, and Tennessee where 16, 9, and 6 per cent,
respectively, of the total forest land is held in
tracts of this size.
T A B U 11
OW NERSH IP OP PR IVA TE COM M ERCIAL FORESTS IM
EIGHTH DISTR IC T M A T E S IM !$45.
B Y SIZE OP HOLDIMO
Per Cent of
Tots!
Private Porest Acreage in Hoidtngs o f :
Private Foreit! * Less Than
5,000 to
More Thin
(Thonund* of Acres) $,000 Acres 50,000 Acres SO,000 Acres
79%
5%
16%
Arkansas ................... 17,179
Missouri .................. 17,560
96
2
3

Mississippi._____ 14,!5)

Tennessee _________ 10,762
K e n tu ck y __________H,!25
Indiana — —
3,17S
HKnois____________ 3,! 17

M

M
92
!00
100

$

9

!0
6
6
2
__ ____________
—
—

District states...
77,072
M
5
7
* Includes farm, industria! and non-farm private commercia! forests.
Sonrce: Preiiminary Data from Reappraisai of the Forest Situation,
U.S. Forest Service.

The United States Forest Service classifies all
holdings of less than 5,000 acres as small. Further
breakdown in terms of size o f holding would be
desirable in order to separate the small, farm woodlots (which could fumish only part-time employ­
ment) from the larger holdings. Acreages of less
than 240 acres generally would be in this small,
farm woodlot class.
According to data obtained from the Crossett
"Farm Forestry Forty" (an experimental plot main­
tained by the Southern Forest Experiment Station
in Arkansas), a woodlot of about 240 acres, wellstocked and under intensive management, will keep
one man busy the year-round. A woodland of 300
to 1,000 acres under intensive management will
require more than one man. The stumpage value
alone on intensively managed, well-stocked hold­
ings of over 1,000 acres should yield at least $2,000
per year after deducting for real estate taxes. (This
is equivalent to only half the per acre stumpage
value of timber growth on the
Forty.)
Thus the stumpage value of a 1,000 to 5,000 acre
forest investment represents a reasonably good
annual income.

Page 136




KIND AMD VOLUME OP TIMBER

Hardwood species cover the major part of the
forest land in Eighth District states with practically
all timber in Indiana, Illinois, and Missouri of the
hardwood type. Pure stands of hardwood species
also cover four-Rfths of the forest land in Kentucky,
two-thirds of that in Tennessee and Arkansas, and
one-fourth of that in Mississippi. Only Arkansas
and Mississippi contain considerable acreages of
pure pine. However, mixed pine and hardwood
stands may be found over wide areas of Arkansas,
Mississippi, Tennessee, and Kentucky. The latter
two states also have small areas covered with mixed
cedar and hardwood stands.
TABLE n :
P R O PO R TIO N O P FO REST LAM D IM V A R IO U S SPECIES
IM E IO H TH D IS T R IC T STATES
(Per cent of Total Forest Acreage)
Upland
Bottomtand
Pine and
Cedar and
Hardwoods Hardwoods Hardwoods
Pine Hardwoods

i

_____

Mississtppi ' ______
Tennessee * _______
Kentucky ' ________
IMinois *

— —------

43%
S9
60
a:
59
76

!S%
6
14
6
2

40
24

H%
4
5!
24
)2

3!%
2!%
23

4

...

—

I
*6
:

—

!0
20
District states _____
56
!2
* State Departments of Forestry of respective states.
' State Department of Forestry and American Forestry
"Forest Resources of Tennessee".
* American Forestry Association.
' R. Brundage, Pardue University, and American Forestry
' !!!inois Technics) Forestry Association.

There has been a tendency over a period of years
not only for reduction in acreage and density of
forest growth, but also for deterioration in the
quality of existing stands. High-quality trees have
been cut and poor-quality trees have been left to
take their place. Successive cuts of this nature
have caused additional deterioration of species and
quality. In upland stands, for instance, scrub oak
and hickory have taken the place of more desirable
species. Red and black oak have replaced white
oak. Even white oak trees are less valuable in thm
stands which result in short, limby trees of rela­
tively small sawtimber value.
In the Mid-South, pine trees have been cut, leav­
ing hardwood species of less commercial value.
Under present high prices, many o f the less desifable species can be harvested profitably, but under
prewar prices much of this undesirable growth
would not pay harvesting costa. In any improve­
ment program, stand improvement must be one of
the first considerations. The initial cuts will be
least valuable, but later cuts will yield more and
more profits as the more valuable species mature.

Volume of Timber—The total volume o f sawtimber in Eighth District states is estimated at 112
billion board feet, nearly two-thirds o f which is
hardwood. One-third of the total is in Arkansas,
one-fourth in Mississippi, and one-eighth each in
Tennessee and Kentucky. Only 15 per cent of the
sawtimber is found in Indiana, Illinois, and Mis­
souri combined.*
An indication of value of forests and extent to
which some have been depleted can be obtained by
comparing forest acreage and volume of timber.
Missouri, for instance, with 22 per cent of forest
laud in Eighth District states, has only 6 per cent
of estimated sawtimber in the district. T w o states,
Arkansas and Mississippi, with two-fifths of the
timbered land, have more than three-fifths of the
sawtimber in district states. Together, they have
85 per cent o f the softwood sawtimber.
Understocked Forest Land—The lack of saw­
timber volume in the Eighth District becomes
understandable in view of the tremendous acreages
in district states classified as seedling, sapling,
poorly stocked and denuded areas. In all, 31 mil­
lion acres are classified in these categories, repre­
senting 37 per cent of all forest land. Seedling and
sapling areas consist of land with at least 40 per
cent coverage o f commercial species less than five
inches in diameter. Poorly stocked and denuded
land is a catch-all classification, including any land
that cannot be classified as seedling and sapling or
better.
TA BLE IV
t Z Z D H M O . SAPLIM O AMD POOR LY STOCKED AREAS OF
C O M M E R C IA L FOREST LAND IM EIGH TH
D IS T R IC T S T A T E S '
Poorly
Seedling Stocked

Total
Com meret*! SapHny Denuded
Forest Ares * Area *

Mitsinippi ..
Tennessee K entuck y_

(Thousand! of Acre*)
2,097
2.127
.19,928
3,660
10,886
.18,837
2,995
1.021
.15.868
77!
2,141
.11.850
1,576
1,150
.11.694
424
747
. 3,358
794
806
. 3,319

Seedling
Sapling

Area

11%
58
6
18

1
0

22
24

Poorly
Stocked
Denuded
Area
11%

19
19
7
14
13
24

1
5
22
18,878
12,317
------- ------------------- 84,854
------------DhtWct state*
* Forest status a* of January. 1945, Reappraisal Project, U.S. Forest
Service, July. 1946.
'A rea, with at least 40 per cent of area covered with commerctal

specie* less than 5 inches diameter, and less than two cords per acre nt
tree* above 5 inches in diameter.
' Land* that do not qualify as sawtimber, pole, seedling or saphng

M .
tM

In addition to sapling, poorly stocked and de­
nuded forest areas, another 20 per ceht o f total
! Forest Service estimates. As a rule, these estimates are somewhat
"Bailer th** estimate* made by the American Forestry Aasoaatton. In
district state* the latter averaged about 9 per cent above the former

with gtnatctt vmrtttioea fa Hhao**, Adamata, *nd




V L M O HR WO A D S F W O
OU E F A D O D N OT O O
O C M E C L F RS LNS
N O M R !A O E T A D
n_m *s
V

aag FE
tT

C U te FtET

EtCHTH

HSTM CT STATES

_

1 ----- !----- ------ ?
ARKANSAS

MSSSSMV)

MSSOURt

TEMMESSEE

KENTUCKY

MOAHA

tLLtNCXS

forest land in this region is classified as pole tim­
ber, too small for sawtimber but large enough for
cordwood (5-inch diameter and larger).
This
leaves only 43 per cent of the forest area, or 36
million acres, classified as sawtimber area in the
seven district states.
More than three-fourths of forest lands in Mis­
souri are classified as sapling areas or poorly
stocked and denuded areas. Nearly half the forest
land in Illinois and one-third in Indiana falls in this
classification. Between 20 and 25 per cent of forest
land in other district states is classified as having
smaller than pole-sized timber. Proper manage­
ment over a long period of time will be necessary
to bring these areas into sawtimber production.
G R O W T H AN D D R A IN

Growth of all timber in Eighth District states
was about 2.6 billion cubic feet in 1944. Saw­
timber growth was 6.2 billion board feetl Fifty
per cent of all timber growth and 63 per cent of
the sawtimber growth took place in Arkansas and
Mississippi. Nearly 40 per cent of the sawtimber
growth was softwood, but only 28 per cent of all
3 Sawtimber includes trees at least 10 inches in diameter in the four
taken 4% feet from the ground.

Page 137

timber, including pole timber and sapling growth,
was softwood.
Growth on a per-acre basis was highest in Mis­
sissippi, where the sawtimber growth, including
TABLE

Sawtimber cutting exceeded sawtimber growth
by higher percentages than over all cutting ex­
ceeded total growth. In the three Mid-South states,
Mississippi, Tennessee, and Arkansas, sawtimber
growth was 63, 69, and 70 per cent, respectively, of
TA B LE VI

v

C U R R E N T A N N U A L G R O W T H O F A L L T IM B E R A N D
S A W T IM B E R ON C O M M E R C IA L F O R E S T L A N D
IN E IG H T H D I S T R IC T S T A T E S *

D R A IN F R O M A L L T I M B E R A N D S A W T IM B E R
C O M M E R C IA L F O R E S T L A N D IN E IG H T H
D I S T R IC T S T A T E S . 1944 *
\!t Tun her

Arkansas ................
Missouri ................
Mississippi ............
Tennessee ..............
Kentucky ................
Indiana ..................
Illinois ....................

(MiHion
670
34!
667
247
475
137
104

Cnbic Feet)
332
338
309
32
403
264
192
55
416
59
136
1
104
......

District states ..... 2,641
1,892
* Preliminary Data, Reappraisal
1946.

749
Project,

(MiHion
1,929
388
1,866
847
638
298
208

Board Feet)
743
1,186
351
37
962
904
621
226
555
83
296
2
207
1

6,174
3,735
2.439
U .S. Forest Service, July.

both hard and soft woods, averaged 118 board feet
per acre. Growth rate for softwood (5 per cent)
was higher than for hardwood (2.5 to 3 per cent) in
Arkansas. Missouri, with a large acreage of sap­
ling and denuded areas, averaged only 21 board
feet of growth per acre of sawtimber on all forest
land. Likewise, total growth of 18 cubic feet per
acre in Missouri was lower than in any other of the
Eighth District states.
A t the present rate of cutting, drain (which refers
to timber cut and destroyed) exceeds annual
growth in most areas. Sawtimber growth was only
two-thirds as much as drain, but growth of all
timber nearly equaled drain in district states in
1944. In that year growth was 88 and 79 per cent
of drain, respectively, in Arkansas and Tennessee.
Total softwood growth in Arkansas in 1944 ex­
ceeded total softwood drain in spite o f the fact that
sawtimber cut was greater than growth. This indi­
cates large numbers o f immature trees. A similar
situation existed in Mississippi in the case of hard­
woods in 1944. If total softwood growth can be
maintained in excess of total drain over a period of
years, annual growth of sawtimber should increase
gradually. Excess of hardwood growth over drain
is not necessarily desirable unless the growth con­
sists of high-quality trees. Cutting of poor-qualitv
timber and low value species usually is not profita­
ble at normal prices, and growth o f such timber
may do little more than intensify management
problems. Total growth of all timber in Illinois
was about two-thirds as much as total drain for all
purposes in 1945. In Indiana, total growth about
equaled drain.
Page 138



A rkansas' ..... ......
Missouri* ..............
Mississippi' ..........
Tennessee* ............
Kentucky* ............
Indiana* ................
I llin o is ' - ..........158

___

ON

_______ Sawtimber *

( Million Cubic Feet) (M illion Board
761
482
279
2,741
1,485
.104
289
15
594
541
7 )5
359
346
2,948
1,334
3 !!
205
106
1,222
836
262
237
25
110
646
137
137
26! 261
158
___
224
224

Feet)
1,156
S3
1,614

386

64
----------—.

District state!*.__ 2,638
1.867
771
8,700
S.327
3,373
' Include* timber cut (or commodities, destroyed by fire, wind and
* Pines 9 inches diameter at breast height and larger, hardwoods 13
inches d b.h and larger in 3 Mid South states and 10 inches d.b.h. and

' Estimates of Central States Forest Experiment Station, Columbus,
Ohio
Based on regional data from Reappraisal of Forest Sttaation.
' Drain for district states = 3 1 cu. ft. of all timber per acre and 103
bd. ft- of sawtimber per acre of commercial forest land.

the annual'drain in 1944. Growth of softwood sawtimbcr in Arkansas, however, lacked only 6 per cent
of equaling drain in 1944.
Fire Protection—Fire damage accounts to a con­
siderable extent for the low growth rate of forests
in many areas. In Mississippi the five-year average,
1941-45, of forest land burned was 3.7 million acres.
The loss of timber from fire in the United States
totaled 460 million cubic feet, 1934-43, which is
equivalent to 4 per cent of all timber cut for com­
modity use. Adequate protection would be of con­
siderable value in decreasing the excess of drain
over growth and especially in facilitating growth
of young stock and in reducing the number of cull
trees. In Mississippi, for instance, from 1941 to
1945, 22 per cent of unprotected areas were burned,
compared with only 2 per cent of protected areas.
T A B L E V II
T I M B E R A C R E A G E H A V I N G F IR E P R O T E C T IO N
IN E IG H T H D I S T R I C T S T A T E S . 1945

Protected '
fthoutpnda of acres)
Arkansas ...................... .............
Missouri ............... .....................

11,000*
3,693*

Tennessee .................................. ........... s!500'
Kentucky .................................. ........... 1.671 *
Indiana ...................................... ........... 1,581 *
Illinois .......- ......................................... 1,490*

P fC e n t o f
.
Forest Land Protected
55%
1^

46

District states - ........................
30,935
36
* AH acreage classified as under some form of protection. No measure
* Mississippi State Forest Service. What Forest and Forest Industries
Mean to Mississippi.
* Tennessee State Forestry Division and American Forestry Associs*
tion. The Forest Resoorces of Tennessee.
' R Brnndage, Purdoe University.
____
*Illinois Technical Forestry Association, A Plan io f F tfe**? *
*
Illinois, Jannary, 1947.

Only 36 per cent of the forest land in Eighth
District states received any Are protection in 1945,
and much of that was inadequate. Only 14 per
cent of Kentucky forest land received protection
and less than one-fifth of the forest was protected
in Missouri. Arkansas, with 55 per cent of forest
area protected, had the highest percentage under
protection. About 45 per cent of the forests were
protected in Indiana, Illinois, and Tennessee, and 40
per cent of those in Mississippi.

CHARACTER OF U M B ER CUTTING PRACTtCES
ON COMMERCtAL FOREST LANDS

A more intensive educational program needs to
be launched to convince farmers and other timber
owners that burning pastures and woodland is not
an economical method of improving early pastures
or of clearing land to make plowing easier the foliowing year. Considerable areas are burned as a
result of firing pastures and woodlands merely to
drive out game.
Management Practices— Another method of in­
creasing forest yield and balancing drain and
growth is intensification and improvement of man­
agement practices. Cutting methods on 70 per cent
of the forest land in Eighth District states are classi­
fied as poor or destructive. Poor cutting practices
leave land with only limited means of reproduction,
without any merchantable timber, and with but few
trees, which are generally of low-quality species.
Destructive cutting is even worse than poor cutting.
Only 15 per cent of forest land in district states
was rated with good and high-order cutting. Good
cutting improves stands, but only in high-order
cutting is maximum production and improvement
of stand and quality achieved. High-order cutting
is practiced to an appreciable extent only in the
three Mid-South states, Arkansas, Mississippi, and
Tennessee, where 15, 4, and 2 per cent of the wood­
lands, respectively, rated high-order cutting. Fair
and good cutting in Kentucky, however, exceeded
the total fair, good, and high-order cutting in all
other district states.
Large timber tracts (larger than 50,000 acres)
generally were under better management than the
smaller timber tracts in the three Mid-South states.
Arkansas, Mississippi and Tennessee. Generally,
more nonfarm-owned tracts rated fair or better cut­
ting practices than farm-owned woodlots in this
area. In other words, commercial lumber com­
panies have placed sizable areas under good forest
management and on a sustained yield basis. Eightysix per cent of the privately owned large holdings
in Arkansas are being operated under good or highorder management.
In contrast to the condition in the Mid-South, the



0

20

40

60

80

)00

tmpties intensive sitvicutture, maintenance and improvement

cutting
S 3 f* s t steps in improving stand, cutting trees that witt
permit further improvement.
Cutting that teaves tand with timited means of reproduction,
often causes deterioration of species, poor stocking.
Leaves no timber vatues nor any means of timber
reproduction
S0U0CE: PWELMtMAWY OM * ^ RE*PPRA<SAt. OF THE

F0HCST SmjATtOX,

four northern states of the district have a higher
proportion of farm-owned woodland than nonfarm
woodland under fair or better management. This
is accounted for by the fact that a higher proportion
of nonfarm woodland in the four northern states
probably is in smaller holdings that do not lend
themselves as well to sustained yield management
as do farm woodlots and larger holdings.
P O T E N T IA L F O R E S T P R O D U C T IO N

The possibilities are good for sustained timber
production in Eighth District states despite the fact
that current annual drain of sawtimber is approxi­
mately half-again as large as growth. Potential
sawtimber growth estimates made by various state
agencies in the district indicate that good manage­
ment practices could triple the current rate of
growth. These estimates were made on the basis
of results obtained on experimental woodlots and
a number of typical farm woodlots for which data
were recorded.
This productive capacity, of course, cannot be
attained overnight. Since the annual growth rate
depends to a considerable extent upon the volume
Page 139

of standing timber, some tracts wiH require many
years to build up stands to a high growth rate.
However, this does not mean that all cutting must
cease on such tracts. Understocked stands require
some cuts to remove the defective, crooked, and
low-quality trees of both sawlog and smaller sizes.

Each year the cut has been approximately equal to
the growth.
During this nine-year period under sustained
yield management, 110,536 board feet of logs, 273
cords of pulpwood, 153 cords of fuelwood, and 288
fence posts have been cut from this 40-acre tract.
T A B L E IX

TA B L E V I I I
PRESENT TIM B E R GROW TH AND P O T E N T IA L TIM B E R
GROW TH UNDER R EASON ABLY GOOD M ANAGEMENT
IN E IG H T H D IST R IC T STATES *

Arkansas ...................... - .............. ......
Missouri ............. ............... . —.......
Mississippi -------— ...................... — ..
Tennessee .................. .........................
Kentucky — .....................................
Indiana —
.................. ................- ____
Illinois
...........................................

Potential
Present Sawtimber Sawtimber Growth
Growth *
Good Management
(B d . Ft. Per A cre) (B d. Ft. Per A cre)
97
250-300 *
21
63- 84 *
US
300 *
72
216*
.
SS
140'
89
192 *
63
250 *

District states - ............ - ............ ......
73
—
* Good management includes Are protection, protection from grazing,
selective cutting and a fair stand.
* Preliminary Data, Reappraisal Project, U .S . Forest Service, July,
1946.
* State Departments of Forestry o f respective states.
* American Forestry Association and State Forestry Division, The
Forest Resources o f Tennessee, 1946.
' Based on University of Kentucky estimates, cir. 404, 1945.
* R . Brundage, Purdue University.

In fact, stands in most forest regions can be built
up in volume at the same time that substantial
cuts are made. Some foresters recommend a cut­
ting every five years for best response even on
average farm woodlots, but cuts should take less
than growth anticipated in the next five years. Cuts
would increase progressively in size from half the
growth on light stands to 100 per cent of the growth
on heavy stands.
As indicated by their low-producing woodlots,
farmers are possibly the worst offenders against
proper forest management practices. Their hold­
ings are small, yet in the aggregate they own 46
per cent of all district states' woodland, and they
need to increase their income. But the question
arises, "D oes it pay the small woodlot owner to
practice good forest management?" The following
case studies of small farm-size woodlots provide
an answer.
The "Farm Forestry F orty" in the Crossett Ex­
perimental Forest near Crossett, Arkansas, is an
excellent demonstration of the possibilities of
loblolly and shortleaf pine woodlots in the southern
part of the district. W hen made a part of the
Crossett Experimental Forest in 1937, this 40-acre
tract contained a stand of shortleaf-loblolly pine
and hardwood which is fairly representative of the
average-to-better tracts in the area. The Experi­
ment Station began cutting over the tract, follow­
ing sound forestry practices, so that only those
trees which should be harvested were removed

Page !40



NINE

YEAR

CUTTING RECORD ON CROSSETT
FARM F O R E STR Y TRACT

1938-43
Average
Logs (bd. ft.)....... — - ..il 1,955
Pulpwood (cords) - ___ 35.9
___
20.7
Fuelwood (cords)
Posts (number) —------29

1944
13,904
18.3
10.3
35

194S
13,144
1S.3
12.0
42

1946
11,760
24.2
6.6
36

40-ACRE
,<!?***
9 Years
110,536
273.4
153.2
288

N IN E YEAR RECORD O P STUMPAGE. L A B O R AND EQUIPM ENT RETURNS ON CROSSETT 40-ACRE FARM
FOR E STR Y TR AC T
Value delivered-------------- $573.99
—
Stumpage value ..... — .... 143.38
Stumpage value per acre3.58

$607.62
220.04
5.50

$603.73
196.55
4.91

$678.32 $5,333.60
227.92 1,504.79
5.70
37.61

age deducted) —
........ —
0.56*
0 92
0.98
1.09
............
* Computed by using average man hours per umt required for the
1943-46 period.
Source: U.S. Forestry Service, Southern Forest Experiment StaUon,
Cutting Records Farm Forestry 40.

This represents an annual cut of more than 300
board feet per acre of logs alone.
These products had a stumpage value of $1,505,
or $4.18 per acre, per year. Moreover, the owner
could have received, in addition to the above stump­
age value, two months of profitable employment
annually for cutting and delivering the products to
market.
In addition to the above income from the tract,
the stand of timber has improved and the quality
of the forest is far better today than when the
cutting started. Low-grade red gum has been re­
moved and replaced by more valuable species.
Thus not only is substantial income being received
from this acreage, but the prospective future pro­
duction and ultimate value of the stand has been
increased.
A farm in Jo Daviess County, Illinois, serves as
a good example of woodlot possibilities in the hard­
wood area of the district.* This woodlot was pas­
tured for 30 years prior to 1932. It was welt
stocked with a stand of mature trees, consisting of
red, black, and white oak, as the major species.
Before the first selective cutting was made in 1940,
only dead trees and a few large trees for sawlogs
had been removed. The 1940 cutting removed
seven cords of fuelwood per acre, with a total
value of $6 per cord. By 1945, new growth on this
tract had amounted to 1,332 board feet per acre, or
266 board feet per acre annually. A t local 1945
stumpage prices, the value o f annual per acre
growth was $&74.
4 From data obtained by Illinois Extension Service.

The two case studies presented, and the possible
growth-rate estimates given, represent on!y a the­
oretical potential that could be obtained. This
growth rate for the district proper is not likely to
be reached for many years, if at all.

Still, it indi­

cates the possibility of expanding forestry products
in the area. And, it might be noted, there is no
great need to increase our output by 200 per cent
overnight.
In the first place, it is not necessary to triple or
even double the present growth rate to satisfy cur-

rent needs for timber production. If good manage­
ment practices were placed into effect on one-half
of the forest acres and the annual growth rate were
doubled, the average growth rate for all forest land
would rise to 109.5 board feet per acre and approxi­
mately equal the current rate of drain. T o reach
even this desirable growth rate, however, educa­
tional institutions, state forestry departments, and
others interested in the future of the timber indus­
try have a big job in bringing into effect good forest
management practices on the small woodlots which
still make up most of our forest-covered land.

SUMMARY AND CONCLUSIONS

1. Forestry is and should continue to be an
important industry in the Eighth Federal Reserve
District, since forests cover 43 per cent of the
total land area, and most of this forest acreage is
not suited for cropping.

Hardwood trees make up

the bulk of timber in the district. Pine is important
only in the three southern states.
2. Ninety-one per cent of forest land in the dis­
trict states is owned by private individuals, divided

they are doing a good job of management on a
sustained yield basis. However, only 15 per cent
of all forest land in the district states, including all
national forest acreage, is well managed.
5. Successive cuts of better trees have caused
deterioration of species and quality. One of the
first things to consider in terms of forestry improve­
ment, therefore, must be selective cutting for
improvement of stands.

nearly equally between farm and nonfarm owners,

6. Sawtimber growth in the district states was

with only 9 per cent state and Federally owned.
Thus private individuals will determine to a great

only two-thirds as much as drain in 1944. How­
ever, total growth of all timber was 95 per cent
of drain. An excess of drain over growth for a
period of years will deplete timber resources at an

extent the future of timber production.
3. A total of 31 million acres, or 37 per cent, of
the forest land in the district states is classified as
sapling, poorly stocked, or denuded land.

Only 36

million acres, or 43 per cent, of the forest land is

increasing rate.
7. Adequate fire protection is an important factor
in balancing growth and drain. According to 1945

good management thus will be necessary before

data, only 36 per cent of the district states' forest
areas are receiving fire protection of any kind. In

more than half o f our district forests can produce

Mississippi, areas with fire protection had less than

high-quality timber.

one-tenth the fire damage of nonprotected areas.

classified as sawtimber.

Considerable time and

If reasonably good manage­

ment were in effect on all district forest land, the
present rate of timber growth could be tripled.
4. Cutting practices on 70 per cent of the forest
land in district states were rated poor or destruc­
tive. Large lumber companies in the southern part
o f the district have many timber tracts on which




8. Under intensive management timber tracts of
200 to 300 acres can provide one man profitable
year-round employment. Stumpage value alone of
timber tracts of 1,000 acres and over will yield under
intensive management a reasonably good retire­
ment income.
Donald L. Henry
Clifton B. Luttrell

Page

Survey of Current Conditions
The general level of business activity has
continued to advance from the low point of the
summer slump reached in August.
Output of
manufactured goods has increased considerably,
reflecting among other factors the resumption of
inventory accumulation due in large part to the
maintenance of consumer buying well in excess of
the 1946 dollar volume. Construction activity in
October held at about the postwar peak level of
September as generally favorable weather condi­
tions permitted the extension of construction work
later in the year than usual. The above sources of
demand, supported chiefly by a record income level
but with the expanded use of credit becoming in­
creasingly important, together with Government
expenditures for domestic and foreign consumption,
continue to exert strong inflationary pressures on the
general price level.
As a factor in the price situation, the current
level of consumers' disposable income, which aver­
aged $179 billion on a seasonally adjusted annua!
basis in the third quarter, assumes major sig­
nificance when related to the quantity of goods
available. Disposable income has increased more
than the physical production of goods. Thus, while
disposable income in the first nine months of this
year, on an adjusted annual basis, was 2.5 times as
large as in 1939, the physical volume of manufac­
tured goods produced, as measured by the Federal
Reserve index, was less than twice as large as in
the prewar year. In the same span of years, private
domestic investment in capital equipment, construc­

IN D U ST R Y
C O N S U M P T IO N O P E L E C T R I C I T Y
Oct.,
Oct., 1947
Sept.,
Oct.,
1946
1947
1947
(K .W .H . No. of Cus
O ct 46
K W H . K .W .H . Sept.'47
in thous.)
tomers* K .W H.
^VBWV!!1 .... 40
1 ^
Q
9.101
6.635 R 4- 4
4- 42
9,451
4,783
3,681
— 3
4,632
4 - 26
Little Rock.. .. 35
52,780
56,523 R +
5
— 2
55,237
... 80
5,113
4,255
5.381
4- 26
31
-t- 5
4-346
6,240
1,569
6.995
Pine Bluff_... 23
4- 12
65,457
67,433 R +
7
70,356
St. L ouis..... ... 99
4- 4
143,474
140,096 R 4- 6
152,052
Totals .... ...308
+ 9
R — Revised.
L O A D S IN T E R C H A N G E D F O R 25 R A IL R O A D S A T ST. L O U IS
O ct.,'47
125,744

Sept.,'47
116,342

O ct.,'46 X ov.,'47 X ov.,'46 10 m o ; . '47 lO m o s .'46
132,959
35,371
33,888 1,249.451 Y.229*324*

C R U D E O I L P R O D U C T IO N — D A I L Y
( I o thousands
O ct..'47
Sept.,'47 O ct..'46
o i bbls )
...... 83.2
82.1
78.5
...... 172.6
173.7
205.1
...... 17.1
17.8
18.8
25.5
30.4
Kentucky ... ..... ...... 25.6
.....-298.5
299.1
332.8
Total

........

P*gt 142



AVERAGE
Oct. .'47 comp. wttH
O ct.,'46
Sept. .'47
4 - 6%
4- 1%
— 1
— 16
— 4
— 9
- 0 — 16
- 0 .
— 10

tion and inventions increased more than three times
and net foreign investments more than nine times.
The use of private credit by business and agri­
culture has expanded considerably in recent weeks
and has become an important factor in the price
outlook. In addition, the full effect of the expira­
tion of consumer credit restrictions as of November
1 has yet to be evidenced in the trend of con­
sumer borrowings. If the rate of private borrowing
continues to accelerate, commodity prices will be
subjected to additional upward pressure.
EMPLOYMENT

Contrary to the usual seasonal pattern, nonagricultural employment in both the nation and the
Eighth District increased between September and
October. Nationally, employment has never been
higher except for August, 1947. In this district,
employment was at a peacetime high, although it
still was slightly below the wartime peak of 1943.
Nationally, unemployment in October was lower
than at any time since V-J Day, and was only onefifth as large as the 1940 average. Claims for both
regular unemployment compensation and service­
men's readjustment allowances have shown a
marked drop during the past year. The 14 per cent
decline in unemployment between October, 1946
and October, 1947 was due principally to a decrease
in the number of unemployed veterans. The un­
employment rate for veterans, however, is still
higher than that for non-veterans.
Between July and September, 1947, total nonagricultural employment increased in each of the
five major district labor market areas. Increases
in manufacturing, construction, and trade employ­
ment more than offset decreases in service, mining,
and Government. The largest numerical increases
occurred in St. Louis and Memphis, while Little
Rock registered the greatest percentage gain.
During the past year, all major district cities
except Memphis have had moderate gains in both
total and manufacturing employment. In Memphis
large decreases in employment in Government estab­
lishments more than offset increases in other lines
so that total employment showed a net decline of
about 1,000. Between September, 1946 and Septem­
ber. 1947, total employment increased approximately
26,000 in St. Louis. 7.000 in Evansville, 3,000 in
Louisville, and 1,000 in Little Rock.
The very remarkable gains in employment that
have been made in this district are evident when

current and prewar figures are compared. In the
five major cities, 284,000 more people were em­
ployed in September, 1947 than in April, 1940— a
gain of about 31 per cent. Some 130,000 more
people were employed in manufacturing— a gain of
almost 50 per cent.
INDUSTRY
Industrial activity in the Eighth District in
October increased more than seasonally over the
previous month and was appreciably ahead of a
year ago. Gains were registered in total industrial
power consumption, in the production of basic raw
materials, steel and lumber, and in manufacturing
operations. Construction activity decreased slightly,
although residential construction was up in volume.
Total industrial power consumption in the major
cities of the district in October showed a 6 per cent
increase over the previous month and was about 9
per cent larger than in October a year ago. When
adjusted for the longer work month in October,
however, consumption was not much higher than
in September. Moderate gains over September were
registered in all major cities except Little Rock,
where power consumption dropped 3 per cent.
Louisville was the only city in which power con­
sumption was less in October, 1947 than in the
same month of 1946.
Manufacturing— Although due in part to sea­
sonal factors and to a longer work month, the
general trend of manufacturing activity in October
was upward. Increases in the month were indicated
in basic steel and lumber production, in output of
automobiles and parts, machinery, nonferrous metal
products, and meat packing. Output of whiskey,
food products, and paper and allied products de­
clined somewhat.
Operations in the steel industry in the St. Louis
area in October were at 67 per cent of capacity, up
from the 63 per cent level of last month. In
October, 1946, operations were scheduled at 5/
per ccnt of capacity.
Lumber production in October was maintained
at a high level according to preliminary estimates.
Reporting southern hardwood mills operated at 95
per cent of capacity— fractionally higher than the
previous month and at the same level as in October
a vear ago. Average weekly production of southern
pine mills was 5 per cent larger than in the previous
month and considerably larger than in October,
1946.
Due to the grain-saving program, only 6 of the
63 distilleries in Kentucky were in operation at the
end o f October as compared with 38 the previous



month. Supplies of whiskey in storage are believed
to be sufHcient to meet requirements for several
years, although some shortages of neutral spirits
used for blending are reported. Whiskey produc­
tion in Kentucky in September was 5.5 million gal­
lons, a substantial increase over the 3.8 million
gallons of the previous month and the 3.6 million
gallons produced in September, 1946.
District shoe production in September was esti­
mated at 8.3 million pairs, a slight gain over
August and substantially above September, 1946.
Average monthly production for the first nine
months was 7.9 million pairs as compared with 7.4
million pairs in the same period last year.
Meat packing operations in the St. Louis area
in October increased sharply over September and
were at a substantially higher level than in October,
1946. A total of 552,000 animals were slaughtered
under Federal inspection in October, compared
with 443,000 in the previous month and 388,500 in
October of last year. Moderate increases over last
month were registered in the slaughter of cattle,
calves, and sheep, but hog slaughter increased about
43 per cent.
Construction— The value of building permits
issued in major district cities in October was $9.4
million, about $1 million less than in the previous
month. The value of permits in all cities except
Louisville decreased considerably, with all the de
cline centered in nonresidential construction. New
residential awards were 55 per cent higher, on a
value basis, than in September, with St. Louis and
Louisville showing substantial increases and MemWHOLESALING

Data furnished by
Bureau of Census
U. S. Dept, of Commerce*

Oct. 31, 1947^

Oct., 1947
Sept.,'47

O ct.,'46

4- 7%
4- 9
4-12
4-13
4-12
4- 3
4-14
4-12

— 13%
4-12
— 19
4- 1
— 3
— 1
4- 9
— 6

Drugs and Chemicais..

4-23
— 9
-)-27
+26
— 9
4-12
4- 7

CONSTRUCTION
B U I L D I N G P E R M IT S
(M onth of October)

1947" " l 946
Evansville ........Little R ock..........
Louisville ---------Memphis — ........
St. L o u is ..... ......

106
124
318
960
337
i M3
O c t Totals-------1,845
r.l',650
Sept. Totals

64
69
207
630
260
1,230
1,119

1947^°" 1946 1947 **1946
$ 227
714
2.599
2,912
1,919
(8,371
(8.468

$ 135
382
720
1,532
1,239
(4,008
(4.197

101
261
72
181
321
936
984

1947^° 1946

31
89 ( 137
5
8
108
158
45
71
69
166
139
212
442
583
258_________ ________
786 (1,038 ( 742
794 (2,171 (1,327

Page 143

TR AD E
DEPARTM ENT

STORES

Stocky

^Stock

Net Sales
October/47
10m os.'47 Oct. 31. 47
to s&nic comp, with
comp&rcd with
Sept.,'47 Oct.,'46 period '46 Oct. 31,'46
Ft- Smith, A rk.....4- 4%
Little Rock, Ark - 4 - 3
Quincy, 111. — — 4-17

St. Louis, M o ...+ 2
E- St. Louis, H 1.+ 2
S^rin^fteld.^Mo. - 4 - 9
*A11 ^)ther cities....4- 8
8 t h F .R .D is t r ic t -+ 5

— 6%
4- 1
— 3
4- 7
+ 6
4- 7
4* 6
+59
— 5
+ 5
+ 4
+ 5

Jan. 1, to
Oct. 31.
1947
1946

— 15%
- 0 — 5
+ 6
+ 1
+ 1
+ 1

3.39
3.94
3.76
3.11
3.94
3.32
3.32

3.92
4.59
4.42
3.36
4.87
4.07
4.06

+23
+ 9
+16
+ 3

— 11%
— 1
- 0 +15
+ 9
+ 9
+ 7
+88
+ 1
+ 1
+ 5
+ 6

3 34
3.54
3.30
3.47

4.58
4.48
4.30
4.27

*E1^ Dorado, ^FayettevUle, Pine B]g(T, ^Ark.^ A]ton, Hanisbutg, JackTenn.
^ Includes St. Louis, Mo., East St. Louis and Belleville. I!!.
Trading days: Oct., 1947— 2 7 ; Sept., 1947— 2 5 : O ct, 1946— 27.

Fort Smith..Little Rock. ..

5

IN D E X E S

OF

53%
55

§t.

55

31

8 th F .R .D is t.

5
5

DEPARTM ENT

Louis........

STORE

36

SALES

AND

8th Federal Reserve District
Oct.,
Sept.,
1947
1947

Stocks, Unadjusted*

................... .....-

330
308
307
274

64<
59
60
57

38^

STOCKS

A ug.,
1947

340
337
273
246

264
307
273
250

O ct,
1946
313
293
295
263

'D a ily Average 1935 3 9 = 1 0 0 .
* End o f Month Average 1935-39=100.

S P E C IA L T Y S T O R E S
Stocks
Net Sales
O ct.,'47 ^ 10m os..'47 O ct. 3!,'47

^Stock

^Oct.*3!°
Sept.,'47 Oct.,'46 period"'46 O ct*3 L '4 6 1947
1946
M en's Furnishings....... + 1%
— 4%
4 -2 %
+20%
2.92
4.87
+15
+ 7
4-14
3.91
6.18
Boots and Shoes......... — 4
^Percentage^of^ accounts and notes receivable outstanding October 1,
Men's Furnishings ................ 52%
Boots and Shoes...................... 49%
Trading days: October, 1947— 2 7 ; Sept., 1947— 2 5 ; October. 1946— 27.

R E T A IL F U R N IT U R E S T O R E S
O c t . .1947

O ct.3 1 , 1947

R a tio o f

S<-nt.'47 Oct.'46 Se?t.3n.'47 0 ct..H .'4 6 O c t '47 O ct.'46
St. Louis A rea'....4-18%
4-35%
4- 4%
4 -22 %
52%
45%
St. Louts . . . . . . . . . 4 - 17
4-34
4- 4
4-22
53
44
Loutsvtlle Area'....— 1
4-3 S
— 1
4- 2
26
32
Louisville - ..... - 4 - 1
4-38
- 0 4- 1
24
31
Memphis ............- — 3
— 10
4- 2
4-20
24
30
Little Rock ..........— 5
— 2
4- 7
+ 9
28
39
Springfield ............— 7
— 21
*
*
*
*
8th District Total'-)-12
4-26
-)-3
4-14
40
41
__* N ot shown separately due to insufficient coverage, but included in
Eighth District totals.
' Includes St. Louis, M issouri; East St. Louis and Alton, Illinois.
* Includes Louisville. K entucky; and New Albany, Indiana.
' In addition to above cities, includes stores in Blytheville, Fort Smith
and Pine Bluff. Arkansas; Hopkinsville, Owensboro. Kentucky; Green­
ville, Greenwood. Mississippi; Hannibal and Springfield, M issouri; and

PE R C E N T A G E D IS T R IB U T IO N O F F U R N IT U R E SALES
O c t . ,'47
Cash Sales ........- ..................................- ........ 18%
Credit Sales — ................ — ............ ................. 82
Total Sales ______ ____ ______ _________ 100

Page 144



Sept., '47

O ct., '46

17%
83
100

23%
77
100

phis and Little Rock remaining about the same as
in the previous month.
The value of construction contracts of all types
awarded in the Eighth District in the third quar­
ter was we!! above the first two quarters of the
year and higher than in any quarter of last year,
largely due to increases in nonresidential construc­
tion. Residential construction contracts for the
third quarter totaled less than in the second quar­
ter, but were above the first quarter of 1947 and
the third quarter of 1946.
TRADE

October sales volume at Eighth District report­
ing department stores registered a gain of 5 per
cent over September and was 5 per cent larger
than in October, 1946. Preliminary reports for the
first half of November indicate the year-to-date
gain of 6 per cent will be maintained during the
month. On a seasonally adjusted basis, the index
of department store sales was 308 per cent of the
1935-39 average, a considerable drop from the alltime peak of 337 per cent attained during Septem­
ber, 1947.
At those stores reporting by departments, the
largest sales gains, percentagewise, still were occur­
ring in the hard goods divisions. W omen's wear
departments showed varied experience. Sales vol­
ume of the major items of wearing apparel was vir­
tually unchanged from the comparable month a
year ago. but other items were sold in smaller vol­
ume. According to the trade, smaller sales of
women's wear reflected unseasonable weather and
some consumer resistance to higher prices. The fact
that prices are being considered to a greater degree
is evidenced by above average sales volume gains
in basement store merchandise.
At the end of October, inventories of reporting
department stores were 12 per cent over those at
the end of September and 3 per cent more than
on October 31, 1946.
W omen's apparel store sales volume in October
was 8 per cent less than in September, but was
11 per cent above October, 1946. Inventories at the
end of October, in terms of value, were 47 per cent
more than on September 30, and were 21 per cent
above those held on October 31, 1946.
At men's wear stores in October there was little
change in sales volume from both the previous
month and the comparable month last year. The
"desperate buying" which characterized the imme­
diate postwar months has eased and demand has
been steady. There have been no significant style
changes in men's clothing and few materials neces­
sary to production of men's wear are in short sap-

ply
Inventories at the end o f October were 5
per cent and 20 per cent greater, respectively, than
the end of the previous month and the compara­
ble date !ast year.
At reporting furniture stores, sales during O cto­
ber were 12 per cent over September and 26 per
cent more than in October, 1946. Inventories on
October 31 were 3 per cent more than on September
30 and 14 per cent more than on October 31, 1946.

PRICES
W H OLESALE

P R IC E S IN

During the four weeks ending November 19,
private credit continued to expand sharply at the
weekly reporting banks in this district. Total loans
of these banks reached $960 million on November
19, up $175 million from the corresponding date
last year, and up $30 million in the month. The
increase in the past four weeks was largely seasonal
in character— for example, in the like period in 1946
the rise was almost identical in amount. Taking
the period since midyear as a whole, however, loans
have expanded much more rapidly than usual, ris­
ing almost $200 million between July 2 and Novem­
ber 19, 1947, in con tr^ t to a gain of some $120
million in the like period last year.
In the past four weeks, commercial, industrial
and agricultural loans at the reporting banks rose
$39 million. Real estate loans gained $1 million.
Loans to purchase or carry securities, loans to
banks and "other" loans showed declines. For the
12 months ending November 19, the loan increase
reflected gains o f $160 million in commercial, in­
dustrial and agricultural loans, $28 million in real
estate loans, and $24 million in "other" loans
(mostly consumer credit), offset by a decline o f $37
million in security loans.
Total investments of the reporting banks also
increased appreciably in the period between October

U N IT E D

(1926 = 100)
Oct.,'47 Sept.,'47 O ct.,'46
AH Commodities..— 158.5
157.4
134.1
Farm Product*.... 189.7
186.4
165.3
F o o d s __- _____ - 177.8
179.3
157.9
Other ----------------- -- 139.9
138.2
115.8

Sept!,'47

Sept..

Oct.,

1946
1&7
of dollars)
1947
15,861
gl Dorado, Ark.— * 20,009 ^ 18,278 $ 35,342
37,226
jyrt Smith. Ark ....
9,112
7,600
13,149
Helena, Arx.............
113,966
121,009
Little Rock, Ark.— 135,632
34,148
26,828
39.368
Pine Bluff, Ark.... 10.328
10,884
11.814
Texarkana, Ark. Tex.
18.274

22,079
23,909
98,784
118,378
135.144
25,636
25,790
29,932
84.978
95,07!
111,864
-vansvtHe, Ind. —
418.760
427^
508,749
LwMtville, Ky. - —
23.691
22,113
30.262
Owensboro. Ky. —12.766
13,890
!S,024
Ptdatah, Ky. ------18.707
17,709
31,589
5tenviHe. Miss —
8.987
9,329
10,427
& pe Girardeau, Mo
7.589
7,087
7,808
Hannibal. Mo. —
43.658
43,983
52.408
Itnerson City, M o­
1,255.264
1,516,453 1,355.116
s t Louis, M o.—
9,239
9.719
10.130
§*daHa. Mo. ______
56,880
59.820
63.926
SpdngHeM. Mo. —
21,246
16,455
27,379
jMksoa. Team. ——
543.352
423J9S
699,153
T o t * b __________ 43.S3i.677 t2.M9.S42 $2.866,S68

O c t,'4 7 comp, with
Sept..'4 7 O ct.,'46

O ct.,'46

4* 0.7%

+ 1 8 .2 %
4-14.8
4 - 12.6
4 - 20.8

4 - 1.8
—
0.8

4 - 1.2

United States — 163.8
St. Louis_____ 165.4
M e m p h is __— 169.0

June 15,
1947

S ept 15, S ept 15, *47 Comp, with
1946
Jane 15, 47 S ept 15,'46
145.9
4 - 4%
4-12%
142.9
4- 6
4-16
146.2
4- 5
4-16

157.1
155.6
160.6

R E T A IL F O O D P R IC E S
Statistics
S ept 15,
(1 93 5 -3 9 = 1 00) 1947
U. S. (51 citie s)- 203.5
S t Louis — - — 215.9
Little Rock — 201.3
L o u is v ille ____ 198.2
M e m p h is _____ 220.5
*N ot Available.

A ug. 15,
1947
196.5
205.0
195.1
189.7
213.5

S ept 15, S ept 15,'47 Comp, with
1946
A ug. 15,'47 S ept 15,'46
174.1
174.5

4-4*4*
44-

185.3

4-17%
4-24

4%
5
3
4
3

4-19

BANKING
C H A N G E S IN P R IN C I P A L A S S E T S A N D L I A B I L I T I E S
F E D E R A L R E S E R V E B A N K O F ST. L O U IS
N ov. 19,
1947

( l a thousands of dollars)
&***?
Total

assets—

—.

- "*15^268
.......
—- H , 199,490

Total reserves —
------ ...— _____ - 678,125
Total deposits — ...— .........................— ..
760,119
F. R . notes in circulation— ........— - 1,123,156
Industrial commitments under Sec. 13b

O c t 22,
1947

Nov. 20,
1946

4 -* "*2J60
4 - 23,382
4-$ 26,142

— * "3j26S
4 - 68.460
4 - t 65,195

444-

444-

49,046
89,829
21,245

—

3.460

580

22,026
60,575
1.316
- 0 -

P R IN C IP A L A S S E T S A N D L I A B I L I T I E S
W E E K L Y R E P O R T IN G M E M B E R B A N K S
( l a Thousands of Dollars)
Assets

N ov. 19,
1947

T^tal loans^and ^investments^......— — -$2,190,910

Change from
O ct. 22,
N ov. 20,
1947
1946
4-$ 47,371
38,878
704

curities - — ------------------------------—
Rea! Estate loans..........— - ..........— — -

45,062
138,134

Treasury bills
Certificates of indebtedness....................

4-$ 47.266
4 - 160,848
—

1,494

6,063
1,118
1,526
3,081
30,030

Other loans .....Z — — —
Z
171^783
Total loans ............... ...........................
958,994

DEBITS TO DEPOSIT ACCOUNTS

STATES

C O N S U M E R P R IC E IN D E X
Statistics
S ep t 15,
(1935-39=100 ) 1947

BANKING AMD FINANCE

THE

— 35,239
+
27,585
—
827
4 - 24,311
4 - 175,184

1.620
30,013
14,800

48,380
— 25.724
— 107,796

17,028
114,994
'
100,998

44—

obligations ..................................... ........
850,154
Other securities ................................. —
148,742
Total investments ............................... 1,231,916

4—
4-

Cash Assets
.................................—
801,274
Other Assets ...........................................
26,175
Total Assets - ....................................... $3,018,359

414,693
41.509
4-$ 63,573

4 - 67,202
4437
4-$H 4.905

Demand^de^osits— t o t a ! ^ ..........$2,342,485

4-$ 55,144

4-$ 81,617

1,851 —
7,140
1,343 4 4,362
17,341 — 127,918

Alton, 111.................. -

-S tt.-N a tS .Y .,I!!.
[uincy, IH. _- ——

W tk Tea*. — _____
ttapM




porations

...... - .. .- ........ .................... 1,475,509

4-

20,230
125,978
29,119
23,227
44,688 4U. S. Government deposits.......— ...
478
80,389
Other demand deposits......................
118,764 -j5,317 4 - 12,801
Demand deposits— adjusted* ....... ........ 1,360,561 4 - 30,381 4 - 118,536
Time Deposits - .......................................
474,367 -j203
21,780
Borrowings ...............................................
17,045
6,670
3,545
Other liabilities — ............ — ..................
16,698
773
1,303
Total capital accounts-.........................167,764 4783
6,660
Total liabilities and capita! accounts— 3,018,359 4 - 63,573
114,905
*^)ther than interbank and Government deposits, less cash items on

i

Page 145

22 and November 19. A rise in certificate holdings
of $30 million plus smaller increases in holdings of
Treasury bills and bonds more than offset declines
in Treasury note and non-Government security
portfolios, so that total investments registered an
increase of $17 million.

agricultural commodities agree that farm prices
should remain firm at least until the 1948 crop
season arrives in June and July. Domestic demand
is expected to remain high and considerable foreign
demand is anticipated, even though it may be some­
what smaller than was recorded in 1946.

As a result of the net rise of $47 million in earn­
ing assets of the reporting banks and a substantial
inHow of interbank deposits, total assets of the city
banks went past the $3 billion mark and total de­
posits reached $2.8 billion. Demand deposits of
individuals, partnerships and corporations increased
$20 million, and U. S. Government balances, despite
heavy W ar Loan calls, showed a minor rise. Time
deposits, as is characteristic of this season, showed
very little gain.

Prices of grains, after declining somewhat in the
latter part of October, strengthened during the first
half of November. December wheat futures again
were about $3. Mostly as a result of heavy sea­
sonal marketings, prices of hogs were lower in
the early part of November than at any time since
June. Prices of flue-cured and burley tobacco in
the Kentucky markets were expected to be near
the parity level. Spot cotton prices on November
13 were 33 cents a pound, somewhat lower than
last year, but higher than a month earlier. With
a substantially larger crop than last year, the
price was sufficiently high for cotton farmers to
have their first $2 billion crop since 1919.

AG R ICU LTU R E

Good weather in district states in October favored
preparation for and seeding of fall crops. Rains
were plentiful from late October on, and wheat and
other small grains are up to good stands. Earlier
dry weather permitted harvesting to be largely
completed, with com put in cribs in fairly good
condition. The cotton crop also was picked in good
condition.
The November 1 crop report for the nation as a
whole reaffirmed earlier crop reports. Total corn
production was estimated at 2,447 million bushels,
11 million bushels less than a month earlier. A
crop of this size is considered 17 per cent below
needs for the current feeding year. Other crop
estimates were changed little from forecasts made
a month earlier.

The index of prices received by farmers increased
to 289 on October 15, 1 per cent higher than the
previous record high established only a month
earlier. The index of 239 ^)r prices paid likewise
established a new record high, but the gain was
not as large as that for prices received, and the
parity ratio thus increased one point to 121.
The following table shows the major farm prod­
ucts classified by the percentage their current
market prices are of parity prices. Price support
PRICES O P MAJOR A G R IC U L T U R A L PRODUCTS
EXP R E SSE D AS A PE R CEN TA G E OP P A R IT Y .
O CTO BER 15. 1947
Below 90%

Outlook reports, published during the latter part
of October and first half of November, for various
AGRICULTURE

90-99%

(In thousands
of dollars

Sept.,
1947

Arkansas ------ $ 64,813
Illinois ---------- 10!,024
Indiana ---------- 86,941
Kentucky - ...... 42,220
Mississippi .... 63.706
Missourt ....... 90.418
Tennessee ..... 45.874
Totals ..........$494,996

+275%
— 23
— 11
+ 33
+ 368
+
5
+ 68
+ 22%

+78%
+72
+76
+76
+97
+68
+69
+75%

$ 500.282
1,805,002
1,026,597
519.931
323,340
1,064,628
467.648
(5,707,428

+47%
+42
+34
+28
— 5
+46
+35
+36%

+48%
+61
+54
+25
— 5
+49
+33
+45%

RE CEIPTS AND SHIPM EN TS A T N A T IO N A L STOCK YARDS
__________ Receipts________
O ct., Oct.,'47 comp, with
1947 Sept.,'47 O ct.,'46

Cattle and calves....213,087
H ogs - .......................212,008
Sheep ....................... 70.423
H orses ___________
1,221
T o t a l s --------------- 496,739

— 4%

— 8%

+20
— 15
+43
+ 3%

+52
— 28
— 74
+ 5%

_______ Shipment!_________
O ct.. O ct.,'47 comp, with
1947 Sept.,'47 O ct.,'46
91,343 — 5 %
42,000 + 1
17,295 — 18
1,221 + 4 3
151,859 — 5%

— 39%
+ 9
— 36
— 74
— 31%

Above 124%

_____ of parity

_____ of parity

_____ of parity

Tobacco*
Peanuts*
Potatoes**
Citrus fruits

Eggs**
Chtcken!**
Wool***
Sweet potatoes**
Apples

Cotton*
Milk**
Butterfat**
Barley
Oats
Turkeys**
Sorghum grain

Wheat*
Com*
Hogs**
Beef cattle
Lambs
Rice*
Soybeans**
Cottonseed
Flaxseed"
Dry edible beans

CASH FARM INCOM E
Sept., '47
Comp, with_______ 12 Mo* total Oct. to Sept.
A ug.,
Sept.,
46 47 Comp, with
1947
1946
46-47
45 46
44-45

100-124%

_____ of parity

*** W oo^ rice legislation, 1947.

operations (to hold prices of certain commodities
at 90 per cent of parity) have had little effect on
the genera! level of farm prices. Practically with­
out exception, the major cost-of-food items are
above parity and their prices reflect heavy domestic
and foreign demand rather than support activities.
In the 90-99 per cent of parity range, some support
has been given (market techniques call for actua!
support at slightly above 90 per cent of parity to
hold the effective 90 per cent !eve! as required by
la w ), but such support has been minor.

Page 146



National Summary of Business Conditions
m

______

n

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

T N D U S T R IA L O U T P U T increased further in October. Department store sales continued in large volume
^ in October and the Arst half of November. The genera! level of wholesale commodity prices advanced
slightly further.
Industrial production— Production of manufac­
tures and minerals continued to rise in October,
and the Board's seasonally adjusted index of indus­
trial production reached a level of 189 per cent of
the 1935-39 average. This was the same as the rate
prevailing during the first quarter of the year and
4 per cent above the third quarter average.
Output of durable goods increased further in
October to about the level that prevailed in the
early months of this year, owing mainly to larger
output of iron and steel. Operations at steel mills
were at 97.6 per cent of capacity, the highest rate
since the end of the war, and this rate has been
sustained in November. Activity in most branches
of the machinery and transportation equipment in­
dustries increased somewhat further in October.
Production of nondurable goods showed a slight
advance in October to a level of 173 per cent of the
1935-39 average; as compared with a rate of 176 at
the beginning of the year. The rise in October
reflected mainly increases in activity at cotton mills
and in the printing and publishing industry. Cotton
consumption in October was 10 per cent above the
reduced rate prevailing during the third quarter but
10 per cent below the rate in October 1946. News­
print consumption continued to expand and was 16
per cent larger than a year ago.
Minerals output advanced somewhat in October,
owing to further gains in fuel production and was
about 5 per cent above the level at the beginning of
the year. Most o f the rise this year has been due to
a 10 per cent increase in crude petroleum ouput.
Employment— Nonagricultural employment con­
tinued to increase in October, owing mainly to the
usual large pre-Christmas rise in wholesale and
retail trade. In manufacturing, a seasonal reduc­
tion of nearly 150,000 workers in the canning indus­
try largely offset further gains in most other lines.
Construction — Value of construction contract
awards, according to the F. W . Dodge Corporation,
rose sharply in October following a decline in
September and was only slightly below the August
peak. Awards for residential building and utility
construction showed the largest increase. The De­
partment o f Labor estimated that work was begun
on 92,000 dwelling units in October, the same num­
ber as in September, and 82,000 units were com­
pleted as compared with 77,000 in September.



Distribution— Department store sales, according
to the Board's seasonally adjusted index, were 278
per cent of the 1935-39 average in October as com­
pared with 290 in September and an average of 280
during the Arst three quarters of the year. In the
Arst half of November sales showed more than the
usual seasonal increase and were 11 per cent larger
than in the corresponding period of 1946.
Commodity prices— The general level of whole­
sale commodity prices increased slightly further in
October and the early part of November, reAecting
advances in industrial commodities. Average price
levels for farm products and foods were unchanged,
as increases in cotton, cereal products, and fats and
oils were offset by declines in prices of livestock
products from the advanced levels reached in Sep­
tember.
Retail prices, according to the consumers' price
index, advanced 2 per cent in September, reAecting
a rise of 4 per cent in foods, 2 per cent in rents,
and an average increase of 1 per cent in prices of
other items. In October retail prices of foods
apparently declined somewhat while prices of vari­
ous other items continued to advance.
Bank credit— Rapid expansion in commercial and
industrial loans continued at banks in leading cities
during October and the Arst half of November. Real
estate and consumer loans also increased further.
Transfer of funds by the Treasury from war loan
balances at commercial banks to Treasury accounts
at Reserve Banks, together with Treasury retire­
ment for cash of Government securities held by
Reserve Banks, resulted in a drain on member bank
reserves in late October and again in Mid-November. Banks obtained reserves to meet this drain
largely through further gold inAows and by selling
Government securities to the Reserve Banks.
Interest rates and bond yields— Prices of Treas­
ury bonds declined considerably in October and
November, following an earlier decline in corporate
bond prices. The yield on the longest 2% per cent
issue rose to 2.44 per cent, compared with a low
point for this year of 2.28. Average rates on Treas­
ury bills have risen gradually since last summer to
.94 per cent in November. A new 13-month 1%
per cent Treasury note has been offered in exchange
for the % per cent certiAcates maturing December 1.
Page 147




Monthly Review Index
FEDERAL

RESERVE

BANK

Page
Agriculture
Bank Loans to Farmers
Farm Income in the Eighth Federal Reserve District

109
61

CTmrtf
Cash Farm Income and Prices Received and Paid by
Farmers in United States
33
Farm Mortgage Debt Outstanding in U. S. by Lender
Groups, 1930-1946
111
Land Area, Land in Farms and Farm Population
64
Sources o f Farm Income, Eighth District States
65
Sources of Farm Income in the United States and
Eighth District. 1929-1944
64
Total Farm Debt Outstanding in United States, 19101946
110

Ma^j
Incom e Per Acre o f Farm Land. 1944
63
Incom e Per Person on Farms. 1944
62
7*oM*.y
Acreage Goats for Principa! Crops in 1947
11
Cash Farm
Incom e
9,21.33,45.60.72.84,96,108,120,132,146
Estimated Corn Acreage and Production in Eighth
District States
96
Estimated Cotton Acreage, Eighth District States
96
Estimated Grain Supply, United States. 1947
96
Estimated Production o f Various Crops in the United
State*, June 1. 1947
84
Farm Population, Size of Farm, and Per Capita
Incom e in Eighth District, 1944
62
Farm W age Rates by Geographic Division. January
I, 1947
34
Prices Received and Paid by Farmers
23
Prices Received by Farmers for A !! Farm Products
45
Prices o f M ajor Agricultural Products E xprtssfd as
a Percentage o f Parity. October IS, 1947
146
Prospective Cotton Production, 1947 Eighth District
States
*08
Prospective Plantings, 1947
59
Prospective T obacco Production, 1947 Eighth Dtstrtct
States
.
.
Receipts and Shipments at National Stock
Yards
9,21.33.45.60,72,84,96.108.120.132.146
U. S. Prospective Crop Production, 1947
120
cAfO, Business Conditions
Bank Loana to Baaineaa by Clay J. Anderson
25
Bank Loan* to Farmers by Clay J Anderson
109
Banking and Finance
Bank Loans to Business
Bank Loans to Farmers
M ember Bank Earnings in 1946
^
N ew Member Banks
„
,
T h e Source and Use o f Bank Funds
iv
Assets o f Eighth District Member Banks
Ownership o f Demand Deposits by Sfze of Banks

20
3!

^ A ^ M t ? ' * * " ' ' 9,21,36,48,60,72.84.96,108.120,132,145
Demand Deposits— Al! Eighth D istnct Banks by
Geographical Area
^
^
Earnings and Expenses o f AH Member Banks
43
Ownership o f Demand Depostts All Etghth Dtstrtct
Banks, February 26, 1947
,
^
Percentage Changes m Loans, Investments and
Deposits During 1946
Princma! Assets and Liabthttes, Federal Reserve Bank
of
Louis
H , 23,35,47,59,71,83,95,107,119,131,145
principal Resources and Liability Items o f Reporting
Member Banka. (Title changed August tssue.)
M a d e * ! Assets and Liabilities W eekly R cporpn g.

S S S fB a a k * 1 1 ,23,35,47,59,71. S3,95.107,119,131,145


HwthM'M Conditions


OF

ST.

LOU!S

Page
Business Conditions
Survey o f Current
Conditions
6,30,43,56,67^ 80,91,104,116,129,142
National Summary (tor October)
147
A Review o f 1946
16
The Year Ahead
1
Coal Production
.Sf; Industry
Construction
The Outlook for Construction
73
CAarf
Construction
75

7aMf

Building Permits 11,23,35,47,59,69,81,93,106,118,130,143
a/jo, Business Conditions
Consumer Price Index
Prices
Crude Oil
Industry
Department Stores
-S*ff Retail Trade
Economic Development
A Program of Regional Economic Development
13
Electricity
Industry
Employment
Full Employment in the Eighth Federal Reserve
District
37

CAarf
Total Employment in Eighth District Metropolitan
Areas
.Sff, oAfo, Business Conditions
Factors in United States Foreign Trade by Clay J.
Anderson, W eldon A. Stein
Farm Incom e in the Eighth Federal Reserve District
Donald L. Henry
Foreign Trade
Factors in United States Foreign Trade

38
97
61
97

CAarf
Supply and Use o f Dollars, 1919-1946
Forest Resources in the Eighth Federal Reserve District
Donald L. Henry, Clifton B. Luttre!!
Forests and Forestry
Forest Resources in the Eighth Federal Reserve District

101
133
!33

C arf-f
'A

Character o f Timber Cutting Practices on Commer­
cial Forest Lands
Ownership of Commercial Forests: Eighth District
States
Volume o f Hardwood and Softwood on Commercial
Forest Lands

139
135
137

Mapj
Per Cent of Total Land Area in Forests: Eighth
Federal Reserve District
134
7*aM?.f
Current Annual Growth of All Timber and Sawtimber
on Commercial Forest Land in Eighth District
States
138
Drain From AH Timber and Sawtimber on Commer­
cial Forest Land in Eighth District States, 1944
138
Forest Acreage in Eighth District States in 1945
134
Nine-year Cutting and Stumpage Record on Crossett
40-A cre Farm Forestry Tract
140
Ownership of Private Commercial Forests in Eighth
District States in 1945, by Size o f Holdings
136
Present Tim ber Growth and Potential Timber Growth
Under Reasonably G ood Management in Eighth
District States
140
Proportion o f Forest Land in Various Species in
Eighth District States
136
Seedling, Sapling and Poorly Stocked Areas o f Com m eraal Forest Land in Eighth District States
137
Tim ber Acreage Having Fire Protection in Eighth
District States, 1945
138

MONTHLY REVIEW INDEX FOR THE YEAR 1947
Page

Page
Full Employment in the Eighth Federal Reserve District
by Gertrude M. Krausnick. W eldon A. Stein
Furniture Stores
.S*ff Retail Trade
Industry

CAarf

Industrial Activity in the Eighth District, 1939-1946

Prices
37

24

Coal Production
8, 20, 33, 45, 57, 68
Consumption of
Electricity
8,20, 33,45, 57, 68,80,92,105,117.129,142
Crude Oil Production,
Daily Average
80, 9 2 ,105,117,129,142
Loads Interchanged for 25 Railroads at
St. Louis
8,20,33,45, 57,68,80.92,105,117,129,142
a/.?o, Business Conditions
Loans
Bank Loans to Business
25
Bank Loans to Farmers
109

(7/tgrf.f
Distribution of Dollar Amount of Business Loans by
Type and Asset Size of Borrower
Distribution of Dollar Amount of Business Loans by
Type of Security
Dollar Amount of Loans by Interest Rate and Asset
Size of Business, Eighth District Member Banks,
November 20, 1946
Loans of Eighth District Member Banks, 1939-1946
Method of Repayment o f Business Loans Outstanding
Annual Rate Paid on Farm Real Estate Loans Held
by District Insured Commercial Banks, Mid-1947
Distribution o f Business Loans by Interest Rate
Distribution of Leans by Business Borrower
Farm Rea! Estate Loans Outstanding at District
Insured Commercial Banks, by Size o f Farm,
Mid-1947
Loans to Small Business by Business o f Borrower,
Eighth District Member Banks, November 20, 1946
Loans to Small Business, Eighth District Member
Banks, November 20, 1946
Maturity Distribution o f Business Loans o f Eighth
District Member Banks, by Size of Bank, by Type
of Borrower
Maturity Distribution of Term Loans, Eighth District
Member Banks, November 20, 1946
Non-real Estate Farm Loans by Size o f Farm and
Net W orth o f Borrower, Mid-1947
Non-real Estate Farm Loans of Eighth District In­
sured Commercial Banks, by Interest Rate, Mid-1947
Non-real Estate Farm Loans of Eighth District In­
sured Commercial Banks, by Maturity, Mid-1947
Non-real Estate Farm Loans of Eighth District In­
sured Commercial Banks, by Type o f Security,
Mid-1947
Number o f Business Loans by Asset Size and Type
o f Borrower
Percentage Distribution o f Loans to Small Business
by Maturity, Eighth District Member Banks, N o­
vember 20, 1946
Percentage Distribution of Loans to Small Business
by Type of Security, Eighth District Member
Banks, November 20. 1946
Percentage Distribution of Number o f Farm M ort­
gage Loans Held by Eighth District Insured Com­
mercial Banks, by Maturity and Purpose e f Loans,
Mid-1947
Term Loans by Size and Bustness of Borrower,
Eighth District Member Banks. November 20, 1946
Term Loans by Size o f Bank. Eighth District
Member Banks. November 20, 1946

27
29
55
26
29
115
28
28
116




Prices Received and Paid by Farmers
23
Prices Received by Farmers for All Farm Products
45
Consumers' Price Index
8, 36, 48, 71,83, 95, 107,119, 145
Prices of M ajor Agricultural Products Expressed as
a Percentage of Parity, October 15, 1947
146
Retail Food Prices
8. 36,48. 71,83,95, 107,119,131,145
Wholesale Prices in the
United States
8,36,48. 71,83,95,107,119,131,145
Program o f Regional Econom ic Development, A
by William H. Stead
13
Railroads
.Sf? Industry
Retail Trade
Retail Trade, Review and Outlook
85
Indexes of Eighth District Department Store Sales
and Stocks
18, 87
Per Cent of Tota! Sales in Selected Divisions, Eighth
Federal Reserve District
89
Department Stores, Sales and Stocks
Indexes of Department Store Sales and Stocks
Percentage Distribution o f Furniture Sales
Retail Furniture Stores
Specialty Stores
For
*
10, 22, 34, 46, 58, 70, 82, 92, 106, 118, 130, 144
aArc, Business Conditions
Review of 1946, A
16
Shoe Industry
Index of Shoe Production in the
Reserve District

Eighth

Federal

54
53
29
52
114
113
113
113
27

12

CAorf
Index o f Shoe Production, Eighth Federal Reserve
District, 1923-1946
Source and Use of Bank Panda, The, by Clay J. Anderson
Special Articles
A Program of Regional Econom ic Development.
William H. Stead
Bank Loans to Business. Clay J. Anderson
Bank Loans to Farmers. Clay J. Anderson
Factors in United States Foreign Trade.
Clay J.
Anderson. Weldon A. Stein
Farm Income in the Eighth Federal Reserve District.
Donald L. Henry
Forest Resources in the Eighth Federal Reserve Dis­
trict. Donald L. Henry, Clifton B. Luttrell
Full Employment in the Eighth Federal Reserve D is­
trict. Gertrude M. Krausnick, W eldon A. Stein
Member Bank Earnings in 1946. E. Francis D eVos
Outlook for Construction. W eldon A. Stein
Retail Trade, Review and Outlook. Alfred C. Kearschner
Surplus W ar Plant Disposal. W eldon A . Stein
The Source and Use o f Bank Funds. Clay J. Anderson
The Year Ahead. Chester C. Davis

54

Specialty Stores
.Sff Retail Trade
Surplus W ar Plant Disposal by W eldon A . Stein

54

12
49

13
25
109
121
61
133
37
42
73
85
121
49
I

Surplus W ar Plants
Present Status of Industrial W ar Plants Built in
Eighth District with Public Funds, 1940-1944

114
52

121

124

Survey of Current Conditions
J f f Business Conditions

52

Trade
-S*f* Retail Trade, Wholesale Trade

42
73

Wholaaal* Trade
7aM*
Wholesaling
11 ,2 3 ,3 5 ,4 7 ,59,69, SI, 93,107,119,131,143
Year Ahead, The by Chester C Davis
I

Manufacturing
.Sff Business Conditions
Member Bank Earnings in 1946 by E. Francis DeVos
Outlook for Contraction, The by Weldon A. Stein

(7Agr;.f